Shares of Mahindra & Mahindra zoomed after reporting sales for June 2023

Mahindra & Mahindra reported a 21% increase in domestic passenger vehicle sales at 32,588 units in June 2023, as compared to June last year. The company sold 26,880 units of passenger vehicles in June 2022. In a statement, Mahindra & Mahindra (M&M) said that its domestic sales of utility vehicles were at 32,585 units last month, as against 26,620 units in the year-ago period, a growth of 22%. 

With strong demand for its SUV portfolio, M&M has continued its growth trend with domestic sales of 32,585 units and 22% growth in June. The SUV volumes were restricted by a short-term disruption in engine-related parts at the supplier end. Sales of three-wheelers, including electric 3Ws, were at 6,377 units, as compared to 4,008 units in June 2022, a growth of 59%. The constraints on semiconductor-related parts like airbag ECU continued during the month too, said the company’s management. 

Mahindra has released its flagship XUV 700 SUV in Australia, starting at USD 36,990 (roughly Rs 30,35,639). The model is priced at Rs 20,56,300 in India, which is around Rs 10 lakh more due to customs fees and taxes. The waiting period for the SUV in India has been reduced from 48 months to 40 months. The vehicle is available in five configurations: MX, AX3, AX5, AX7, and AX7L, and comes in colours like Everest White and Midnight Blue. 

M&M is mainly involved in automobile manufacturing. It is one of the leading auto companies in India. M&M’s product range includes a wide variety of vehicles, including SUVs, pickups, vans, and tractors. The company’s most popular models include the Thar, Scorpio, XUV500, and Bolero. M&M also has a presence in the defence sector and manufactures a range of vehicles for the Indian armed forces. 

Mahindra & Mahindra is currently trading at Rs 1,464.85, up by 0.85 points or 0.06% from its previous closing of Rs 1,464 on the BSE. The scrip opened at Rs 1,464.20 and has touched a high and low of Rs 1,469.20 and Rs 1,460.20, respectively. So far 4,797 shares were traded on the counter.